When the FASB issued its sweeping overhaul of revenue recognition in 2014 (ASU 2014-09), they carved out not-for-profit contributions and grants, but they vowed one day to return and finish the job. Four years later, they did in the form of ASU 2018-08. Please join me for a session that takes a refreshed look at ASU 2014-09 and exchange versus contribution transactions. Then we’ll take a deep dive into ASU 2018-08, including several case studies, to ensure your ability to implement these standards in your own organization.
Learning Objectives:
- Identify the components of the 5-step method to revenue recognition
- Recognize how to distinguish between exchange and contribution transactions
- Identify the fundamentals of ASU 2018-08 and its applicability to their organization
- Recall a series of case studies implementing ASU 2018-08
Lucas LaChance
Lane Gorman Trubitt, LLC
Partner
llachance@lgt-cpa.com
(214) 461-1467
Lucas is a Texas Society of CPAs Rising Star Award-winning relationship manager, auditor, board member, author, and speaker with two decades of leadership in assurance, consulting, risk management/ mitigation, and taxation services. After nearly a decade as an auditor working with clients in a number of industries; including construction, M&D, and not-for-profit, he now is responsible for leading firm initiatives to expand existing client relationships and establish new ones, investigate innovative client services and solutions, and instill a culture of client service and sales. He often presents to local, state, and national audiences about accounting industry developments.
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